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Meeting Date:	03/13/2023
Establish New Custodial Fund and Bank Account for TIRZ #2 (The Coves at Winfield Development)
Submitted for:	Angelica Morales	Submitted By:	Angelica Morales
Department:	Auditor

Subject:

Discussion and possible action to establish a new custodial fund for Tax Increment Reinvestment Zone (TIRZ) #2 (The Coves at Winfield Development) and the creation of related bank account.

Issue: A new custodial fund is required to properly allocate the distribution of receipts for Tax Increment Reinvestment Zone (TIRZ) #2 (The Coves at Winfield Development).

Solution: Establish a separate custodial fund and bank account to recognize the 40% attributable to Tax Increment Reinvestment Zone (TIRZ) #2 (The Coves at Winfield Development).

Result: Proper recording of receipts from Tax Increment Reinvestment Zone (TIRZ) #2 (The Coves at Winfield Development).

Background:

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Previous Court Action:

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Fiscal Impact

Budget Account Number:	n/a
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Balance:	n/a
Financial Impact:
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